Wake Up Wall Street (SPX) (QQQ): DIDI dumps, GOOGL pumps, AMZN boss to the moon

Here is what you need to know on Tuesday, July 6:

Markets remain in a record-breaking mood as traders show no sign of 4th of July hangovers. GOOGL surged to a record high close on Friday, and most mega tech names remain at or close to all-time highs. Apple (AAPL) is surging nicely through some key resistances, the latest being $137 as it too targets new highs, see more. Another mega tech name heads for the moon and looks to get there before AMC as Jeff Bezos officially hands over the CEO reins to Andy Jassy while Bezos heads for a spaceflight later this month on his Blue Origin venture.

Chinese names are not expected to perform well as the market reopens on Tuesday following the July 4 celebrations. China is conducting further crackdowns with the emphasis this time on DiDi Global (DIDI), who launched on the NYSE only a week ago. The ridesharing stock dropped as much as 25% in Tuesday's premarket as China conducts a cybersecurity review of the company and new app downloads are banned in China. Most Chinese-related stocks are down in Tuesday's premarket, and Alibaba (BABA) investors get a sense of deja-vu.

Oil continues to surge as OPEC+ appears to become OPEC- as haggling between Saudi Arabia and the UAE continues. Saudi Arabia has raised oil prices for the US and Europe while Russia looks on, with President Putin reportedly having no plans as of yet for OPEC+ discussions, according to the Kremlin.

Oil is at a multi-year high of $76 for WTI, the dollar is higher at 1.1840 versus the euro as the German ZEW survey was a shocker, 63.3 versus 75.2 expected. Bitcoin is hanging tough at $34,100 despite the Beijing branch of the Central Bank of China putting curbs on crypto promotion. 

See forex today.

European markets are modestly lower with the EuroStoxx flat, FTSE -0.2%, and Dax -0.3%.

US futures are mixed, the Nasdaq is +0.15%, Dow -0.1%, and the S&P flat.

Wall Street top news

German ZEW 63.3 versus 75.2 forecast.

French and Italian PMIs worse than previous. German slightly ahead, and EU PMI unchanged.

EU ZEW 61.2 versus 81.3 previous.

DIDI down 20% premarket, Full Truck Alliance (YMM) down 18%, and Kanzhun (BZ) down 10% on Chinese regulatory concerns.

Weibo (WB) up 28% premarket on rumours of the company being taken private.

ALX Oncology (ALXO) up 18% on Phase 1b study results.

Ingersoll Rand (IR) and American Express (AXP): Goldman upgrades, stocks up 1 and 2% premarket, respectively.

Ironwood Pharma (IRWD): rumours of a takeover, shares up 4% premarket.

Dominos Pizza (DPZ): Citigroup not hungry for the stock as it downgrades to neutral.

Virgin Galactic (SPCE): UBS downgrades to neutral.

LifeStance Health (LFST): William Blair starts with outperform, stock up 5% premarket.

Pfizer (PFE), BioNTech (BNTX): Israel reports a decrease in Pfizer/BioNTech vaccine effectiveness.

JNJ is to begin covid vacine study on teenagers in Autumn.

3M (MMM): Credit Suisse downgrades.

Upgrades, downgrades, premarket movers

Source: Benzinga Pro

Economic releases








Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD pressured toward 1.17 on Evergrande crisis

EUR/USD is extending its losses, falling toward 1.17. The safe-haven dollar is in demand as the crisis around China's Evergrande deepens and a global slowdown is feared. Tensions toward the Fed decision and also Germany's elections are taking their toll too.


GBP/USD tumbles under 1.37, succumbing to dollar strength

GBP/USD is trading under 1.37, suffering from robust dollar demand. The financial woes of China's Evergrande threaten a drop in global demand. Soaring energy prices are also weighing on sentiment. The Fed and the BOE are eyed later this week.


Gold bears tease five-week low near $1,750, China, Fed eyed

Gold bears regain controls ahead of the key weekly events, down 0.36% intraday near $1,748 heading into Monday’s European session. 

Gold News

Cardano introduces Layer 2 solution Hydra, as ADA price looks to rally 25%

Cardano price is grappling with a crucial support floor on the daily time frame as the big crypto experienced a minor crash. Investors can expect ADA to slice through this barrier before restarting its uptrend.

Read more

Canadian Federal Elections: Not a very crucial vote

Markets are taking a hands-off approach to Monday’s Canadian Federal election between Prime Minister Justin Trudeau's Liberals and Erin O'Toole's Conservatives. 

Read more